Exhibit 4.2 presents the balance sheet prepared by Infotech Limited, an Indian information technology firm, for Years

Question:

Exhibit 4.2 presents the balance sheet prepared by Infotech Limited, an Indian information technology firm, for Years 12 and 11.

Exhibit 4.2

Infotech applies accounting standards issued by the Institute of Chartered Accountants of India and reports its results in millions of rupees (Rs. Crore). (Adapted from the financial statements of Infosys Limited.)
a. Prepare a balance sheet for Infotech for both years, following the format and terminology commonly used by firms that apply U.S. GAAP.
b. Prepare a balance sheet for Infotech for both years, following the format and terminology commonly used by firms that applyIFRS.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...